Whirlpool (US:WHR)2025-10-28 14:03Financial Performance - Net sales for Q3 2025 were $4,033 million, a slight increase from $3,993 million in Q3 2024, while year-to-date sales decreased to $11,426 million from $12,471 million[17]. - Gross margin for Q3 2025 was $594 million, down from $643 million in Q3 2024, with year-to-date gross margin at $1,811 million compared to $1,910 million in the previous year[17]. - Net earnings available to Whirlpool for Q3 2025 were $73 million, a decrease from $109 million in Q3 2024, while year-to-date net earnings increased to $210 million from $69 million[17]. - The company reported a comprehensive income of $92 million for Q3 2025, compared to $25 million in Q3 2024[17]. - Total net sales for the three months ended September 30, 2025, were $4,033 million, a slight increase from $3,993 million in the same period of 2024, while total net sales for the nine months ended September 30, 2025, were $11,426 million, down from $12,471 million in 2024[51]. - The company reported a comprehensive income of $92 million for the three months ended September 30, 2025, with net earnings of $73 million[109]. - Consolidated net sales increased by 1.0% to $4,033 million for Q3 2025, but decreased by 8.4% to $11,426 million for the nine months ended September 30, 2025, primarily due to the deconsolidation of the European segment[143][145]. Assets and Liabilities - Total assets as of September 30, 2025, were $16,893 million, up from $16,301 million at the end of 2024[19]. - Long-term debt increased to $6,165 million as of September 30, 2025, compared to $4,758 million at the end of 2024[19]. - Cash and cash equivalents decreased to $934 million at the end of Q3 2025 from $1,275 million at the end of 2024[21]. - The company reported a total inventory of $2,593 million as of September 30, 2025, compared to $2,035 million as of December 31, 2024[55]. - The company’s property, plant, and equipment, net, amounted to $2,309 million as of September 30, 2025, compared to $2,275 million as of December 31, 2024[56]. - The company had total committed credit facilities of approximately $4.0 billion at September 30, 2025[203]. Cash Flow and Financing - Operating activities resulted in a cash outflow of $669 million for the nine months ended September 30, 2025, compared to an outflow of $271 million in the same period of 2024[21]. - Cash used in operating activities increased to $(669) million for the nine months ended September 30, 2025, compared to $(271) million in the same prior year period[198]. - Cash provided by financing activities increased to $503 million for the nine months ended September 30, 2025, compared to $222 million in the same prior year period[202]. - The company has a total borrowing capacity of $3.5 billion under the Amended Long-Term Credit Agreement, maturing on May 3, 2027[65]. - The company had $1.1 billion outstanding under the Amended Long-Term Facility and $300 million under the Term Loan Agreement as of September 30, 2025[68]. Expenses and Costs - Dividends declared for Q3 2025 were $0.90 per share, down from $1.75 per share in Q3 2024[17]. - The cost of products sold for Q3 2025 was $3.439 billion, compared to $3.350 billion in Q3 2024, reflecting an increase of about 2.6%[126]. - Selling, general and administrative expenses increased to 10.1% of net sales for Q3 2025, compared to 9.9% in Q3 2024, mainly due to higher marketing spend[174]. - Restructuring charges for the three months ended September 30, 2025, totaled $6 million, compared to $8 million for the same period in 2024[121]. - The company anticipates incurring approximately $50 million in restructuring charges for the full year 2025[177]. Tax and Regulatory Matters - Income tax expense for the three months ended September 30, 2025, was $33 million, compared to $45 million for the same period in 2024[122]. - The company’s effective worldwide tax rate for the nine months ended September 30, 2025, resulted in an income tax expense of $105 million, compared to a benefit of $(85) million for the same period in 2024[122]. - The final fine amount from the French Competition Authority is set at $75 million, with $46 million attributable to the company's France business[83]. Investments and Equity - The company has a 25% ownership stake in Beko Europe B.V., with a carrying amount of $21 million as of September 30, 2025, down from $74 million as of December 31, 2024[41]. - The fair value of the investment in Whirlpool China was $219 million as of September 30, 2025[41]. - The company holds a 25% equity interest in Beko following the disposal of its European major domestic appliance business[106]. Market Performance - MDA North America net sales increased by 2.8% for Q3 2025, while MDA Latin America and MDA Asia experienced declines of 5.2% and 7.3%, respectively[150][155][160]. - SDA Global net sales increased by 10.5% for Q3 2025, driven by favorable product price/mix, with an EBIT margin of 16.5%[166][168].